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The logo of Credit Suisse Group in Davos, Switzerland, on Monday, Jan. 16, 2023. Bloomberg | Bloomberg | Getty Images Credit Suisse on Tuesday said its net asset outflows had declined but "not yet reversed" and announced that "material weaknesses" were identified in its financial reporting processes for 2022 and 2021. The embattled Swiss lender published the annual report scheduled for last Thursday, which was delayed by a late call from the U.S. Securities and Exchange Commission (SEC). related investing news Citi says Europe's banks are unlikely to face SVB-like issues and names 3 top picks Ganesh Rao 3 hours ago Wall Street is surprised by First Republic's falling stock. Here's how the bank compares with SVB Jesse Pound 13 hours ago This one chart shows the uniqueness of Silicon Valley Bank and how it set itself up to fail Jesse Pound 2 days ago That conversation related to a "technical assessment of previously disclosed revisions to the conso...

A sign is posted in front of the Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Justin Sullivan | Getty Images Federal regulators are conducting an auction for Silicon Valley Bank, with final bids due Sunday, according to a report from Bloomberg News. The bank was closed by regulators on Friday after massive withdrawals a day earlier created a bank run. The Federal Deposit Insurance Corporation took control of the bank on Friday, and started an auction process on Saturday night, according to the report . It is still possible that no deal is reached, the report said. The collapse of SVB, which was a key player in the technology start-up world, is the largest U.S. bank failure since Washington Mutual in 2008. That bank was then purchased by JPMorgan Chase in a deal that restored the uninsured deposits. A total or partial acquisition by another bank is one of the options regulators are exploring this weekend. Many investors on Wall Street and Silic...

In this article GS GSBD Follow your favorite stocks CREATE FREE ACCOUNT David Solomon, Chairman & CEO of Goldman Sachs, speaking on Squawk Box at the WEF in Davos, Switzerland on Jan. 23rd, 2023.  Adam Galica | CNBC Goldman Sachs shares came under pressure Friday after a Wall Street Journal report said the Federal Reserve is investigating the bank's consumer business . Shares slipped nearly 3% on the news. Goldman Sachs is now up less than 1% on the year. related investing news Bank of America double downgrades Charles Schwab, says clients will continue to shift to money market funds Sarah Min a day ago Goldman Sachs daily stock move The regulator is looking into whether Goldman Sachs had the right safeguards in place to protect consumers when it increased lending in the division, also known as Marcus, according to the Journal report which cites sources familiar with the matter. The Fed was previously reviewing Marcus, Bloomberg news reported in September. "As we told ...

A couple who founded an Arizona-based financial technology firm in the early days of the pandemic raked in an estimated $120 million in processing fees from handing out billions in Paycheck Protection Program loans even though their company did little to police fraud, according to a congressional report released Thursday. The report from the Select Subcommittee on the Coronavirus Crisis says the “fintech” firm Blueacorn transferred $300 million in profit to its owners but spent less than 1 percent of the fees it collected on fraud prevention, hiring only “one direct employee who assisted with processing PPP loan applications” for the 1.7 million loans it reviewed. At the same time, even though the program was meant to help small businesses survive the pandemic, the report says smaller loan applicants were disdained by Blueacorn, with staff writing, “delete them,” “Who f------ cares” and, “we’re not the first bank to decline borrowers who deserve to be funded. … they go elsewhere.” In a...

Stocks mounted their biggest rally since 2020 after October’s reading of consumer prices raised investor hopes that inflation has peaked. The Dow Jones Industrial Average jumped 1,201.43 point s, or 3.7%, to 33,715.37 for its biggest one-day gain since stocks were emerging from the depths of the pandemic bear market. The S&P 500 jumped 5.54% to 3,956.37 in its biggest rally since April 2020. The Nasdaq Composite surged 7.35%, its best since March 2020, closing at 11,114.15. October’s consumer price index rose just 0.4% for the month and 7.7% from a year ago, its lowest annual increase since January and a slowdown from the 8.2% annual pace in the prior month. Economists were expecting increases of 0.6% and 7.9%, according to Dow Jones. Excluding volatile food and energy costs, so-called core CPI increased 0.3% for the month and 6.3% on an annual basis, also less than expected. Treasury yields plunged after the CPI report, with the 10-year Treasury yield falling more than 18 ba...